Font Size

- Aa +

Sun 30 Sep 2012 06:50 PM

Font Size

- Aa +

UAE firm in deal for Malaysian luxury homes

Property advisor Tasweek enters into JV to own, operate villas in tourism project

UAE firm in deal for Malaysian luxury homes

UAE property advisor Tasweek Real Estate Development and Marketing, has entered into a joint venture to develop, own, operate and market the luxury properties in Malaysia.

The deal with Casabrina Vacation Villas is part of Tasweek's recently completed $250m property portfolio and reflects the company's investment focus on Malaysia's thriving tourism industry, the company said in a statement.

It added that interest from potential investors from the Middle East was "high".

Under the terms of the venture, Tasweek will market nine boutique Villa hotels under a Shariah-compliant scheme.

The villas are spread over 30 acres of hillside land surrounded by a 130-million-year-old virgin rainforest just under an hour's drive from the Patronas Twin Towers in Kuala Lumpur.

Each villa offers investors a unique design complete with approved building plans and occupies between 1 and 3 acres of freehold hill side land with no restrictions on foreign ownership, Tasweek said.

Upon completion, the complex will comprise 11 exclusive 6- and 8-bedroom suites nested at the foothills of Bukit Frasier in Pahang, the largest state in West Malaysia.

Tasweek said it has also secured long-term and competitive mortgage facilities from a reputable Malaysian financial institution.

"Our venture with Casabrina Vacation Villas enables us to have a direct hand in overseeing and promoting this captivating Malaysian development. Interest among Middle Eastern buyers is quite high, which is why we decided to have a greater stake in the villas," said Masood Al Awar, CEO, Tasweek Real Estate Marketing and Development.

Tasweek said its new $250m property portfolio is expected to generate an annual investment yield of 5-7 percent.